Middle East ETF News Older than One Year
Egypt's Stock Recovers Ahead of Constitution Referendum
December 13, 2012--Egypt's stocks recorded over 1.19 billion U.S. dollars of gains Wednesday as the benchmark EGX30 rose by 2.83 percent
and broader EGX70 by 3.99 percent, just a few days ahead of the country's constitutional referendum slated for Saturday.
Source: The New Times
Dubai market falls on Bernanke warnings
December 13, 2012--The DFM General Index fell for the third session straight Thursday, closing off 0.20% at 1,584.52 points, a three-week low.
While market bellwether Emaar regained 0.27% (closing at Dhs3.72), the UAE's second telecom operator Du extended its losses, ending off 1.71% at Dhs3.45 amid disappointment on the UAE ministry's revised royalty fees for both Du and its rival Etisalat. Warning by U. S. Federal Reserve chairman Ben S. Bernanke that the central bank's intention to buy treasury bills worth $45bn wil not cushion the effects of the "fiscal cliff" also weighed on euqity indices in East and West. The fiscal cliff is a brief description for the case that the Obama administration and GOP-dominated congress will fail to agree on law and spending changes before the end of 2012. This could lead to massive budget cuts, tax rate increases and austerity measures which would diminish chances for the U. S. economy to recover. Analysts say the worst-case scenario could even lead to a new global recession.
Source: AME Info
Etisalat bounces back, Aldar loses momentum
December 13, 2012--The Abu Dhabi stock market measure ADXGI gained 0.33% to reach 2,612.17 Thursday as bargain hunters sent ADX heavyweight Etisalat up 3.06% to hit Dhs9.05.
Etisalat shed over 12 percent i the last two days after the UAE ministry of financed revised royalty rates for both Etisalat and Du until 2016. Per the new scheme, Etisalat will have to pay 15% on revenues and 35% on net income between 2012 and 2015. The rates for the year 2016 are set ay 15% and 30% respectively for the year 2016. Abu Dhabi's largest developer Aldar Properties slipped 0.77% to Dhs1.29. Aldar shares have gained 54% year-to-date as the firm is currently on the way to seal the planned merger which they announced earlier in March this year.
Source: AME Info
Kuwait market gains for the 5th session straight
December 12, 2012--The KSE Market Index added 9.23 points Wednesday to reach 5,923.3 points.
The tiny increase was mostly driven by consumer goods and basic materials. Gulf Bank of Kuwait gained 1.20%, while the country's largest lender by assets slipped 1.02% to KD0.970. Kuwait named a new government with no major changes following the parliamentary elections from Dec. 2, with the result that the Shia opposition won 17 out of the 50 seats in the National Assembly. Mustafa Al-Shamali was re-named Minister of Finance after he resigned in May this year on allegations of being involved in corruption cases.
Source: AME Info
Upward trend intact at Saudi bourse
December 12, 2012--The Riyadh-based Tadawul All-Share ended up 0.10% to hit 6,769.96.
SABIC gained 0.30%, ending at SR90.75. Earlier in the day, OPEC ministers decided at their meeting in Vienna to keep output quota even at 30 million barrels per day, sending oil prices 0.30% to reach $104.71 (DME Oman crude). Saudi Arabia pressed oil production down to the lowest level in 12 months in order to compensate pressure on prices from the U. S. which continues to step domestic oil production. Earlier in the day, Angus Blair, president of Signet Institute, a think-tank dedicated to the MENA region, said at the Euromoney Qatar summit in Doha that the GCC shall not worry about the U. S.'s alleged way to oil-independence which the International Energy Agency expects to happen by 2020. "Demand from the emerging markets in East Asia and Africa will continue to rise and both regions have no real alternative than importing oil from the Middle East" said Blair.
Source: AME Info
Upward trend intact at Saudi bourse
December 12, 2012--The Riyadh-based Tadawul All-Share ended up 0.10% to hit 6,769.96.
SABIC gained 0.30%, ending at SR90.75. Earlier in the day, OPEC ministers decided at their meeting in Vienna to keep output quota even at 30 million barrels per day, sending oil prices 0.30% to reach $104.71 (DME Oman crude). Saudi Arabia pressed oil production down to the lowest level in 12 months in order to compensate pressure on prices from the U. S. which continues to step domestic oil production. Earlier in the day, Angus Blair, president of Signet Institute, a think-tank dedicated to the MENA region, said at the Euromoney Qatar summit in Doha that the GCC shall not worry about the U. S.'s alleged way to oil-independence which the International Energy Agency expects to happen by 2020. "Demand from the emerging markets in East Asia and Africa will continue to rise and both regions have no real alternative than importing oil from the Middle East" said Blair.
Source: AMEInfo.com
Saudi Arabia's Abdullah A. M. Al-Khodari Sons lures new contract
December 11, 2012--The Riyadh-based Tadawul All-Share Index ended up 0.31% at 6,736.12 points Tuesday, defying the ongoing oil price decline (off $0.28 at $104.32 (DME Oman crude).
SABIC, the world's number one in petrochemical production, closed unchanged at SR90.50. Shares of construction and maintenance company Abdullah A. M. Al-Khodari Sons advanced 1.16% to reach SR26.20. Earlier in the day, the firm announced signing of a contract with the Ministry of Municipal & Rural Affairs for city cleaning and waste collection in Jeddah (Area 6) within a period of 60 Months from the date of site handing over. The contract is valued at SR239.784m.
Source: AME Info
Composition of TASE Equity Indices as of December 16th, 2012
December 10, 2012--As of December 16th, 2012 the composition of the equity indices will be updated
Source: TASE
Tadawul year-end rally halted
December 10, 2012--The Tadawul All-Share Index ended a three-day gaining streak Monday, closing off 0.61 at 6,741.93 as market breadth turned deeply into the red.
SABIC slipped 0.55% to SR90.50. Wafa Insurance Saudi Indian Company for Co-operative Insurance, also known as WAFA Insurance, posted the largest gain, ending up 9.80% at SR61.75.
Source: AME Info
Egypt inflation retreats to 4.1%
December 10, 2012--According to data released by the Egyptian government, the country's annual inflation has dropped to 4.1% in November, its lowest level since March 2006, mainly due to a significant slowdown in the growth rate of food prices, Ahram has reported.
Prices of food and drink, which have the highest weight in the consumer price index, grew 5.3% in comparison to November 2011 but dropped a sharp 2.7% below October 2012's figures.
Source: AME Info
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